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Investors May Lose as Congress Saves Money on Adviser Oversight - Bloomberg.

Congress may hand oversight of almost 12,000 investment advisers to Wall Street’s self-funded regulator as a cost-saving measure. The price could be paid by investors.
The Financial Industry Regulatory Authority, deputized by the government to oversee brokers, is lobbying to replace the U.S. Securities and Exchange Commission as a regulator of registered investment advisers who manage about $40 trillion. Congress is considering the move as a cheaper alternative to increasing resources for the SEC, since Finra’s $877 million budget is paid by the brokers it regulates.

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Finra, established in 2007 by the merger of the National Association of Securities Dealers and most of the New York Stock Exchange’s regulatory unit, has done a poor job of protecting investors, said Crawford, who retired in February after 17 years as a securities commissioner. Fines imposed are usually a fraction of the damages suffered, and Finra fails to share information regularly with state regulators, she said.

The regulator fined members almost $43 million last year, while the SEC, working with a similar budget, issued more than $1 billion in penalties.

 

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